Egypt’s inflation drops to 11%in April: CAPMAS
Building of Central Agency for Public Mobilization and Statistics (CAPMAS) - YOUM7 (Archive)

CAIRO:Egypt’s annual urban consumer price inflation rate edged down to 11 percent in April, compared to 11.5 percent in March, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Sunday.

In its last meeting in April, the Central Bank of Egypt decided to keep the overnight deposit and lending unchanged at 8.75 percent and 9.75 percent respectively. The Central Bank’s main operation and discount rate were also kept at 9.25 percent each.

Meanwhile, banking experts urged the central bank to increase interest rates of local currency deposits to combat dollarization and reduce cash liquidity, in order to restrain inflation pressures that may occur due to local currency depreciation against the dollar in a country that imports more than 60 percent of its needs.

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